Although state-owned banks are expected to promote the growth of less-developed regions, especially in developing economies, several cross-country studies report that lending by state banks is associated with the inefficient allocation of credit and low levels of development. Further, state...

In this paper, the disciplining role of borrowers towards risky banks is examined in a multi-period setting. In the theoretical model, it is shown that borrowers choose to pay high interest rates to the banks that are perceived as less risky, in order to minimize possible liquidity problems. We...

Turkey has become one of the largest consumers of cigarettes, while world cigarette consumption declined by 4 percent between 1990 and 1999. The rapid increase in tobacco consumption in Turkey will cause a large increase in the burden of disease and premature death in years to come. Global...